Rathke: Pulling CRA’s teeth when it needs to bite harder

New Orleans  Dine’ Butler and I had just finished our presentation about the impact of predatory land installment contracts and hedge funds in the Memphis real estate market at the Hooks Institute event at the University…

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Rathke: Have Doctors and Hospitals Joined Banks as Fraudsters?

New York City     It’s the holiday season when old time movies used to give us hope that miracles might happen.  Santa might climb down from the chimney, if you had a chimney anymore.  There were…

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Rathke: Figuring out which companies are naughty or nice

Quebec City    Even as the Brexit landslide seemed to be building in the formerly United Kingdom, the European Union leadership was piecing together an ambitious plan to achieve climate goals by 2050.  Their plan was to…

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Posted in Banks Common Dreams Energy First Peoples News Op/Ed

Why is Bank of America still open to funding the destruction of our homelands in the Arctic?

We stand together, the Iñupiat and the Gwich’in, in calling on Bank of America to listen to Indigenous people, protect our homelands, and stay out of the Arctic Refuge. by Bernadette Demientieff, Siqiñiq Maupin Monday, September…

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Posted in Analysis Banks Energy Op/Ed The Revelator

Defund or defend? In the fight over fossil fuel investments, who’s winning?

Despite divestment victories, big banks and asset managers continue driving climate change through their lending practices. by Christine MacDonald Monday, September 21 “CalSTRS is using our teachers’ money to invest in the destruction of our own…

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Posted in Banks Common Dreams News

Sanders and Gillibrand unveil Postal Banking Act: to provide public alternative to ‘predatory’ Wall Street banks

The new legislation, according to Sanders’ office, would help “families generate savings, wealth, and credit, while bringing millions of American workers into a more fair banking system.” by Jake Johnson, staff writer Thursday, September 17 With…

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Posted in Banks Columns Credit Debt Rathke: Chief Organizer Report

Microfinance is now a mega-mess

by Wade Rathke New Orleans   A little less than a decade ago, in mid-2011, ACORN International stirred up a bit of a hornets’ nest by opposing the international development consensus in a series of reports we…

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Photo illustration: Lisa Larson-Walker/ProPublica; Source: simonkr/Getty Images
Posted in Analysis Banks Pro Publica Racism

Trump Financial Regulator Quietly Shelved Discrimination Probes Into Bank of America and Other Lenders

At least six investigations into discriminatory mortgage loan “redlining” have been halted or stalled — against staff recommendations — under the Trump administration’s Office of the Comptroller of the Currency. by Patrick Rucker, The Capitol Forum…

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"Times of crisis are when change happens—to fuel California's economic recovery, we need a bank designed to stabilize the economy and invest back into our communities," said Trinity Tran, co-founder of the California Public Banking Alliance and Public Bank LA. (Photo: Trinity Tran/Twitter)
Posted in Banks Citizen Wealth Common Dreams News

California bill to establish Nation’s second Public Bank applauded as ‘Historic challenge to Wall Street domination’

“If California is serious about addressing racial and income inequities, we must create a banking system that centers people not profits.” by Jake Johnson, staff writer Friday, July 10 In a move advocacy groups celebrated as…

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Posted in Banks Debt News Pro Publica Safety Net

Capital One and other debt collectors are still coming for millions of Americans

As the COVID-19 pandemic hit, Americans got protection from evictions, foreclosures and student debt. But debt collectors have continued to siphon off their share of paychecks from those who still have jobs. by Paul Kiel and…

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JPMorgan Chase is the world’s largest funder of fossil fuels. Without that money, the fossil fuel companies simply can’t afford to build their new mines, pipelines or fracking wells. (Photo: Antonia Juhasz/Twitter)
Posted in Analysis Banks Climate change Energy Fracking

In the Fight to Curtail the Climate Crisis, the Earth Just Moved a Little

Nearly half of Chase’s owners have demanded to know how the bank plans to align its business model with the Paris Agreement. On the surface, that probably doesn’t sound like an earthquake. But it’s quietly seismic….

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Posted in Banks News Pro Publica

Whistleblower: Wall Street has engaged in widespread manipulation of mortgage funds

Securities that contain loans for properties like hotels and office buildings have inflated profits, the whistleblower claims. As the pandemic hammers the economy, that could increase the chances of another mortgage collapse. by Heather Vogell Friday,…

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Posted in Banks Coronavirus Debt News Poverty Pro Publica Safety Net Wages

Coronavirus put her out of work, then debt collectors Froze her savings account

Kim Boatswain’s tax refund could have helped her get through the coronavirus slowdown. But debt collectors seized it. There are few options for Texans like Boatswain whose money was taken just before the state temporarily banned…

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Posted in Bailout 2020 Banks Common Dreams Coronavirus Housing News Rent Freeze Safety Net

Ilhan Omar bill would cancel all rent and mortgage payments for duration of Covid-19 crisis

“In 2008, we bailed out Wall Street. This time, it’s time to bail out the American people who are suffering.” by Jake Johnson, staff writer Rep. Ilhan Omar on Friday unveiled legislation aimed at providing relief…

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Posted in Bailout 2020 Banks Common Dreams Coronavirus Energy Mining News

Big banks move to buy up fracking industry assets with coronavirus bailout funds

Critics Decry ‘Massive Step in Wrong Direction’     JPMorgan Chase, Wells Fargo, Bank of America, and Citi “Taxpayers shouldn’t be required to backstop oil and gas companies that were already in trouble prior to the…

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Posted in Banks Common Dreams Environment While we were looking elsewhere

From the while we were looking elsewhere department: New report takes aim at five banking institutions backing Amazon Rainforest exploitation

while we were looking elsewhere… Five of the world’s most powerful financial institutions are actively contributing to climate change by providing debt and equity financing for crude oil extraction projects in the Amazon.   by Eoin…

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Posted in Analysis Banks Columns Community organizing Credit economic justice Housing Policy Neighborhoods Rathke: Chief Organizer Report

The Billionaire and Right-Wing’s racist lies about Redlining

New Orleans    With the Office of the Comptroller of the Currency leading the way to gut the Community Reinvestment Act along with some other federal regulators, the last thing we should be doing is having to…

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Posted in Banks Credit economic justice Income Equality Opinion OtherWords

How credit cards make us more unequal

Credit card companies fleece retailers to give high-end spenders cash back — a system the rest of us end up subsidizing. By Sam Pizzigati | February 10, 2020 What happens when we use our credit cards?…

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Signing of CRA in 1977
Posted in Banks Columns Community organizing economic justice Economy Housing Policy National Off the wire Politics Rathke: Chief Organizer Report Social Justice

City National Bank Shows Why Some CRA Proposals are Wrong

New Orleans      There’s a big split within the federal banking establishment about what to do about revisions to the 1977 Community Reinvestment Act.  This is not your run of the mill, chest thumping, and elbow…

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Posted in Banks Columns Community organizing Economy Income Equality Rathke: Chief Organizer Report Social Justice

Debt means “Can’t Win for Losing”

Ponce       Arkansas Community Organizations, one of KABF and ACORN’s partners on many projects, especially those involving financial security for low-and-moderate income families, recently released a report about major debt that is oppressing these families.  The…

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